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There is always a measure of trust involved in every business dealing. Your customers trust that your product or service will meet their standards, and you trust that they will pay what they owe. You also need to have trust when dealing with vendors, shareholders, other businesses that you corroborate with, and employees.
Trustworthiness then, is surely a good quality to have for a business owner. You need to prove that people who deal with your business can trust that things will go well. Here are a few ways to demonstrate this.
Be Transparent
Transparency and trust go hand-in-hand. When a business is transparent, people know what’s happening and why. While privacy is important for certain business dealings, it’s best to be open about how your business works and makes a profit.
For example, if you produce something like food, you might want to keep the exact recipe quiet. But you can be open about where you source the ingredients and what they are, especially if you’re dealing with allergens.
Certifications and Guidelines
Some certifications are a great way to demonstrate how trustworthy you are, because the standards you follow are evaluated by a trusted third party.
For example, GIPS compliance (global investment performance standards) are a set of industry-specific standards that some companies should always follow. Essentially, they demonstrate how ethic your business practices are and the certification makes this obvious.
The same principle applies to other certifications and grants, because your company has to be evaluated to be eligible. This proves that you’re putting your money, and your actions, where your mouth is.
Sustainable Practices
Sustainability is a hot-button issue at the minute, and it’s important for businesses to look for different ways to be more sustainable. Again, there are certifications and grants that can demonstrate this, as well as other ways to show how sustainable your company is.
Part of this is by including sustainable practices in your production line and showing/telling people about it. Whether you use a fleet of electric vehicles to cut down on emissions or you always source ingredients from sustainable sources, be open about it.
While sustainability and trustworthiness aren’t intrinsically linked, they are related. People are more likely to trust a sustainable business that proves it makes an effort.
Employee Relations
As well as being trustworthy to clients and customers, it’s important to have a good relationship based on trust when dealing with your employees. Again, trust is a two-way street and it’s up to the business to make the first leap.
It can be hard to trust someone who you’ve just recruited, which is why probation periods are so useful for employees and employers alike. With a probation period, if someone isn’t a good fit, both sides can move on professionally.
One way to demonstrate trust is by a remote working system. You can also trust employees if they need time off for certain reasons, and show that you’re flexible enough to work with their needs. This keeps them on your side.
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